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Asia n Crusade Global Trust No 1 of 1999

Australia The arranger group is being finalised for the A$950m project financing for the Kogan Creek power station. Funds are being raised via CEPA Kogan Creek Holding. Adviser Deutsche Bank Australia will be joined by four banks.

n Landesbank Hessen-Thüringen Girozentrale Rating: Aaa/AAA/AAA

Is there a game of musical chairs being played in the rarefied world of the top Euromarket syndicate managers? We are told that the gossip among the Euromarket bankers in Washington this weekend will include confirmation that Niall Cameron of Merrill Lynch has been heard singing Tulips from Amsterdam in his bath and is joining ABN Amro.

The Republic of Argentina will reach new heights in bond innovation next week when it launches a $1.5bn six tranche zero coupon global bond that offers credit enhancement through a World Bank rolling guarantee on the principal. The deal, led by JP Morgan and Goldman Sachs, is Argentina's solution to the dire state of the US dollar market and the country's inability to issue a dollar bond since April.

Egypt Chase, Greenwich NatWest, Mediocredito Centrale and Sumitomo Bank are arranging $400m of project debt for Misr Oil Processing Company.

Note: This story went to press before Bank of Scotland launched its hostile takeover bid for National Westminister Bank today (Friday). The move has thrown NatWest's bid for Legal&General into doubt and widened NatWest's credit spreads, particularly on the bonds referred to in this story. The implications for this deal are unclear. National Westminster Bank demonstrated the range of capital raising opportunities now on offer in the international bond markets when it raised $3.95bn of subordinated debt to help finance its acquisition of Legal&General this week.

National Westminster Bank demonstrated the range of capital raising opportunities now on offer in the international bond markets when it raised $3.95bn of subordinated debt to help finance its acquisition of Legal&General this week.

Newcastle United Football Club Plc this week announced the closing of a £55m privately placed securitisation to finance a 15,000 seat extension to its St James' Park stadium via Schroders. The northeast of England club has securitised its future stream of revenue from season ticket sales and corporate hospitality to raise debt that will amortise between 2001 and 2016.

New issue business on Germany's Neuer Markt is becoming increasingly hazardous as fears of oversupply dampen secondary market prices and as investors get increasingly selective. Secondary market valuations have been under considerable pressure in recent weeks, as have technology stocks elsewhere in Europe. And investors - particularly the lower quality accounts that are often allocated stock in new issues - are reluctant to hold on to stocks after pricing if the market does not move immediately in their favour.

n Brazilian banks have been quick to pounce on pockets of retail demand in the last few days to launch opportunistic Eurobond issues, with several similar deals expected in the weeks ahead. Bradesco, Brazil's biggest private bank, stunned retail investors by offering a 9.8% coupon on a $100m 18 month issue last Friday, led by Société Générale.